9Benefit for transferred contributors on resignation, dismissal or discharge before early retirement age

9 Benefit for transferred contributors on resignation, dismissal or discharge before early retirement age

9 Benefit for transferred contributors on resignation, dismissal or discharge before early retirement age

(1) If a benefit under section 41 of the Act (Benefit on resignation, dismissal or discharge before early retirement age) becomes payable to a transferred contributor, the employer-financed benefit is not to be less than the amount determined under subclause (2).

(2) The amount to be determined for the purposes of subclause (1) is the amount calculated in accordance with the following formula:

where:

B represents the amount to be ascertained, and

S represents the lesser of 1.0 and the product of 0.025 times the number of complete years of service, and

E represents the notional accumulation as at the date of resignation.